Macro/ Strategy

GDP grew by 4.14%YoY in Q2 2023 and 3.72%YoY in 6M2023, only higher than the growth rate of 1.74% in 6M2020 in the period of 2011-2023 due to slower growth of industrial and construction sector, services sector at 1.13%YoY and 6.33%YoY, respectively. The economy was heavily impacted by frozen real estate market and weak demand which pressured on manufacturing and export.

Due to a low result in the first half of 2023, we lower our GDP growth forecast for the whole year 2023 to 5.3% with an expectation of economic recovery in the second half of 2023 backed by effects of supportive measures.